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CA Susheel Kumar Gupta Section 30 to 36 lists out certain deductions, which are allowed while computing the profit and gains from business or profession. Deductions under these sections are allowed subject to certain conditions mentioned in those section. Further, these sections do not list down all types of expenses. For these expenses, deduction can […]
Condition for allowance under section 37 – Such expenditure should not be covered under the specific section i.e. sections 30 to 36. Expenditure should not be of capital nature. The expenditure should be incurred during the previous year. The expenditure should not be of personal nature. The expenditure should have been incurred wholly or exclusively for the purpose of the business or profession. The business should be commenced.
JCIT (OSD) Vs Adani Logistics Ltd. (ITAT Ahmedabad) During the course of assessment proceedings the AO observed that the appellant has incurred an amount of Rs. 6,00,00,000/- on account of legal and professional fees paid to one M/s. Emerging India Investment Advisors Pvt. Ltd. It was further found by the Ld. AO that such expenditure […]
The issue under consideration is whether payment of minimum guarantee royalty for purchasing right to reproduce film-music is considered as capital expense or revenue expense?
It is a settled principle of law that commission paid to persons for referring names of customers is allowable u/s. 37 of the Act for introducing potential customers to the assessee falls within the ambit of service.
Legal expenses incurred to protect the Directors of the company in respect of the complaints filed against them in their individual capacity will not allowed under section 37 as business expenses.
Whether the AO is correct in disallowing expenses incurred on developing and maintaining land in connection with real estate activity?
Pharmaceutical companies have received some relief in the recent favorable decisions such as Aishika Pharma (P.) Ltd. which have allowed tax deduction of expenses in the nature of sales promotion, marketing and distribution expenses which would otherwise be outright disallowed by tax authorities due to Circular No. 5/2012 dated 1-8-2012 issued by the Central Board of Direct Taxes (‘CBDT’) which cites such expenses as inadmissible as per Section 37(1) of the Income-tax Act, 1961 (the ‘Act’).
The issue under consideration is whether the Lease payment in advance for the period varied from 15 to 99 years considered as Capital Expenditure or Revenue Expenditure?
Bad debts are allowable expenses and it is not necessary for the assessee to establish that the debt has become irrecoverable Gone are the days when the the Assessing Officer would disallow the sum debited in the P&L account as non-recoverable sums written off as bad debts. The Assessing Officer cannot disallow the sum in […]
